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TheStreet Open House

Sify Reports Revenues Of $50.73 Million For First Quarter Of Fiscal Year 2011-12

"Projects executed for the Indian government have established our reputation as a company that is capable of delivering government projects within the stipulated time. We are now on stream to hand over three State Data Centres.

"Post its reorientation towards becoming self sustaining and profitable, the Commercial and Consumer business is beginning to see accelerated growth in the new segments we are focusing on, particularly with the fast-growing SMB and SOHO markets in its ambit. Our Cloud computing infrastructure, one of the first public cloud services offered in India, will emerge as unified platform for customers from retail, SOHOs, SMBs and Enterprise, making the services more cost-effective and scalable.

"The Government of India’s move to classify the proposed fibre-optic network as a national resource and make it available on equal terms to all operators wishing to provide broadband services will lead to a more level playing field for Sify. It will also allow us to further leverage our investments to deliver value-added services to customers across India. We are ideally positioned to ride the IT services wave in India with our network coverage, data centres footprint across metros and small cities, home-grown applications delivered on the cloud model and our international bandwidth capacity.”

Mr. MP Vijay Kumar, Chief Financial Officer, said, “We are now in the process of building additional capacity through our Data Centre build plan, Network expansion and new development plans for Sify Software. The new investments will add to the existing portfolio of our Network presence in 667 cities, 6 Data centres, millions of hours in skilled manpower across different business verticals and an appreciating investment in a financial services entity.

"As revenue continues to scale, we expect the anticipated benefits of these investments to be realized on both the top and bottom line.”

FINANCIAL HIGHLIGHTS

Unaudited Consolidated income statement as per IFRS
( In $ million, all translated at $1 = Rs.44.72)
     
Description Quarter ended   Quarter ended   Quarter ended   Year ended
June June March March
2011 2010 2011 2011
 
Enterprise 45.02 32.25 31.76 128.64
Software 3.48 3.17 3.67 13.58
Commercial and consumer 2.23   3.22   2.73   11.77  
Revenue 50.73   38.64   38.16   153.99  
 
Cost of Revenues (34.08 ) (24.02 ) (22.46 ) (94.13 )
 
Selling, General and Administrative Expenses (13.85 ) (14.11 ) (13.35 ) (53.72 )
       

EBITDA

2.80   0.51   2.35   6.14  
 

Depreciation and Amortisation expenses

(3.81 ) (3.94 ) (3.66 ) (15.38 )
 
Net Finance Expenses (1.46 ) (1.39 ) (0.70 ) (4.76 )
 
Other Income 0.09 0.42 0.30 1.62
 
Share of Affiliates 0.47 0.35 0.52 1.98
       
Profit / (loss) Before tax (1.91 ) (4.05 ) (1.19 ) (10.40 )
 
Income Taxes - - -
       
Profit / (loss) for the period (1.91 ) (4.05 ) (1.19 ) (10.40 )
 

As of June 30, 2011, Sify’s total number of issued and outstanding ordinary equity shares was 178.4 million shares. Of this, 38.9 million shares are American Depositary Shares (ADS). The remaining 139.5 million shares held in India, are not deposited as ADS and do not trade on Nasdaq or on any market in the United States or India. As previously reported in Sify’s filings with the United States Securities and Exchange Commission (the SEC), in August 2010 the Board of Directors approved the issuance of 125 million shares to Sify’s promoter group in a private placement, and the private placement was approved by Sify’s shareholders in September 2010.

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